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Financial Reporting for Governors Sue Warneford-Thomson LSP Away Day - 19thJune 2023
Current position: Widespread use of spreadsheets to respond to governor needs Inconsistency in the quality of financial reporting across our schools Improved opportunities for reporting using IMP 2
Workshop aims: Consider the delegated authority governors have and therefore what they need for strategic financial decision-making Discuss the IMP reports available How to supplement these reports 3
Financial responsibilities of governors: Determine 3-year budget plan: Realistic projected pupil numbers Free school meal numbers & other pupil data Projections of necessary staffing based on curriculum needs & wider school development plans 4
IMP report for budget planning Multi Year Budget Review report Dashboard provides information on assumptions made and staffing FTEs to aid decision-making Use detailed report for Finance Committee, Finance Governor and Headteacher/SLT Use summary report only for Full Governing Body 5
Questions governors might want to ask: how confident are we that pupil number projections are realistic? if the optimistic scenario indicates financial difficulties, is the school developing a recovery plan now? if the cautious budget indicates potential financial difficulties, what contingency plans does the school have to overcome them? are there any issues in the medium term that should be addressed now? how will current decisions impact medium-term budgets? what do we need to put in place now to ensure we have the necessary funding in the future? 6
Budget monitoring/forecasting Finance Policy recommends termly financial reporting to LGBs or Finance Committees Requirement to produce projected year end position from LGB to Trust three times annually - as at end Oct, Dec and April Format prescribed by the Central Team 7
Monitoring reports for governors To enable governors to meet their statutory responsibilities, reports should: be in an easy-to-understand format that can be automatically generated from base financial records. enable governors to regularly review income and expenditure against the agreed budget. include numeric information, spend to date and end of year projections. identify variances, provide meaningful explanations of these and explain what would be appropriate corrective action in a way that can be easily understood by all users 8
Our recommendations for reporting: For Finance Committee, Finance Lead and Headteacher/SLT: Forecast Detailed Report plus Forecast Tracking Report (once you have 2 or more forecasts) plus Forecast Multi Year Overview For LGB: Forecast Summary Report & Multi Year Overview 9
Additional Narrative report Recommendation to use template with fixed headings for termly reporting: National & LSP Updates e.g. latest assumptions about pay awards School Funding: this includes sharing the GAG statement once published, any updates about school roll, Pupil Premium Pupils, pupils with high-level needs in receipt of TUF Contract updates Staffing updates Summary (where applicable) of what has changed since the last meeting, whether these changes were foreseeable and what the consequences of these changes are Update on Premises and use of DFC Other headings will depend upon time of year e.g. Draft budget plan, financial benchmarking 10
Regularity of Forecasting Forecasting using IMP will allow a snapshot of the budgetary position on a monthly basis with a light touch with a thorough monitor 3- times/year when projected outturn is reported to Trustees. However, it does take time to carry out a thorough forecast to get to this stage Suggest that time is put aside in September and October to forecast and begin to profile each budget line on your Master Scenario making future forecasts easier 11
